A car dealer offers the choice of a 4.5% loan for 5 years (60 months) or $2000 cash back on the purchase of a $22,000 car.

1. If you take the 4.5% loan offer, find your monthly payment, the total amount you pay for the car, and the total amount of interest you pay.
2. If you take the $2000 cash back offer and can borrow money from your local bank at 6.5% interest compounded monthly for 5 years, find your monthly payment, the total amount you pay for the car, and the total amount of interest you pay.
3. Which of the two offers is more favorable for you? Explain why.

You must show all your work and explanations.